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Apartment prices inch up across city

Apartment prices inch up across city
Highlights

According to Insite, a quarterly real estate report by property portal 99acres.com, Hyderabad’s real estate market witnessed an increase in prices of residential apartments to the tune of one per cent.

Gachibowli: According to Insite, a quarterly real estate report by property portal 99acres.com, Hyderabad's real estate market witnessed an increase in prices of residential apartments to the tune of one per cent. Suburbs located in proximity to the IT/ITeS hubs of Gachibowli, Kondapur, and Madhapur witnessed maximum demand from end-users and investors, alike.

Maneesh Upadhyaya, Chief Business Officer, 99acres.com, says, "Backed by robust office leasing activities and competitive housing prices, Hyderabad continues to dominate the realty charts in India in the quarter ending June 2019, too. While average property prices in the city went up by a marginal one per cent this quarter, the average rental 'asks' went north by four per cent in Apr-Jun 2019 over the same quarter last year."

Noticeably, among top metro cities, Hyderabad reported the maximum number of new launches with 3,026 units in 2019. Unsold inventory, too, dipped in this quarter considering a higher number of property registrations made this year.

However, slow-paced registration of new real estate projects under Telangana RERA restricted an improvement in supply, which has far been outweighed by rising demand in the city, especially in the affordable housing segment. Out of the 936 approved projects in the State, only 121 projects are located in Hyderabad, added Upadhyaya.

Similar to the previous quarter, Nallagandla witnessed a four percent hike in the average capital prices, QoQ, owing to its continued popularity among tech professionals working in Gachibowli and Hi-Tec City.

Hafeezpet, too, recorded a four percent appreciation in the average capital 'asks'. Due to its proximity to Kukatpally, Madhapur and Miyapur, the locality is gradually becoming a premium locale for residential real estate with residential apartments priced around Rs 5,100 per sq ft.

Notably, in April and May 2019, revenue from property registrations in Gandipet jumped by around 100 percent, compared to the same tenure last year. On the other hand, Banjara Hills had witnessed just 13 percent appreciation. The highlights a rise of peripheries in the city as future housing destinations.

Infusion of investment in the commercial sector has boosted the rental market, too. The rental market in the city reported a four percent growth in the average rental values, YoY. Madhapur, Nizampet, Mehdipatnam, Gachibowli, and Kondapur remained as the top performing rental markets in the residential category in the city with over five percent rental appreciation, each, in the last one year.

In the recent past, Shankarpally to Muttangi Road, Shankarpally to Kokapet Road and Outer Ring Road (ORR) from Kokapet to Muttangi have become popular destinations among home aspirants. Gandipet, Shankarpally, Maheswaram, Shamshabad, Qutubullapur, Ibrahimpatnam and Shadnagar are new emerging areas where stakeholders are betting on. These areas are expected to churn better ROI (5-7 percent) in the ensuing years.

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